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Russia’s ex-finance minister: Oil price to stay at $40-60 per barrel in next five years World , oil prices will fluctuate within the range of $40-60 per barrel in the next five years, Russian ex-finance minister Alexei Kudrin told TASS.

“My forecast remains: the oil price will fluctuate within the range of $40-60 per barrel in the next 4-5 years. Even if the world oil price drops below $40 per barrel, Russia will all the same be able to easily administer the level of expenditures calculated at the oil price of $45 per barrel, the ex-finance minister said. But I believe that the oil price will be at the level of $45 and higher,” Kudrin said. This will be a period of movement towards a new equilibrium,” Kudrin said.

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Oil price falls on Libya, supply glut

Brent crude oil, the benchmark for international oils, declined 51 cents a barrel to $51.01, its lowest since Nov. 29. Signs that Libya is ramping up production may have spooked investors, says Tom Kloza, global head of energy analysis at Oil Price Information Service. (Photo: Getty Images)The price of U.S. crude oil continued its tumble Tuesday as investors remain concerned about a global glut and developments in the Middle East that could add to the current supply. Rising U.S. production is holding oil prices down. “The cuts have not meaningfully resulted in visibly lower crude oil inventories, especially in the U.S.,” said Brian Kessens, Tortoise Capital’s managing director and portfolio manager, in its podcast Monday.

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Crude inventories fell by 4.2 million barrels in the week ended April 28 to 528.3 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels. “The supply of crude oil continues to decline. crude stocks fell last week, and both gasoline and distillate inventories also dropped, data from industry group the American Petroleum Institute (API) showed on Tuesday. “There is precautionary buying following API data and leading to EIA data tonight,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. This is evident in both spot and forward supply data,” commodities brokerage Marex Spectron said in a note.